It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Date Coffee Cake with Walnuts and Espresso Glaze
This Date Coffee Cake with Walnuts and Espresso Glaze is so rich and full of flavor, you’ll enjoy it with coffee for breakfast or a salad with dinner. Espresso soaked dates and toasted walnuts are the star of the show and the espresso glaze the literal icing on the cake!
I would have this with breakfast all by itself with coffee. For lunch I would absolutely serve a slice next to a nice salad with fruit in it. For dinner though? Well, you just have to be like me and have breakfast for dinner; sometimes frying a quick egg is so easy and gives me the protein I need without having to really do a big meal. As a matter of fact that’s probably where I’m headed tonight as soon as I finish writing; I’ll prove it’s a dinner bread! 🙂
When I say it’s loaded with espresso-soaked dates and walnuts I’m not kidding. This is how I like my ‘breads’ – chock full of the goodness that is advertised. That coffee glaze is decadent in itself and adding some more toasted walnuts on the top, while born mostly from having toasted too many, was a good idea. I used to hate walnuts. Toasting them changed EVERYTHING…who knew I just didn’t like them raw.
Ingredients
- For the Date Coffee Cake:
- 2 1/2 cups chopped dates
- 1 1/2 cusps hot coffee or espresso (I make mine with Medaglia D'Oro dried espresso)
- 1 1/2 tsp baking soda
- 1 3/4 cup all-purpose flour
- 1 tsp cinnamon
- 1/8 tsp nutmeg
- 1/4 tsp salt
- 1/2 cup butter
- 3/4 cup brown sugar
- 1/2 cup granulated sugar
- 1 large egg
- 1 Tbsp vanilla
- 1 cup walnuts, toasted and coarsely chopped
- For Coffee Glaze:
- 2 tbsp. hot water
- 1/2 tsp. instant espresso (see link above for my favorite dried product)
- 2 c. powdered sugar
- 3 tbsp. melted butter
- 1 tsp vanilla
- 1/2 cup walnuts, toasted and coarsely chopped (optional)
Directions
- For the Date Coffee Cake:
- Preheat oven to 350 degrees.
- In a large bowl, combine the dates, hot coffee or espresso, and baking soda. Set aside.
- In a small bowl, combine the flour, cinnamon, nutmeg, and salt.
- Using a mixer beat the butter and sugars together.
- Beat in egg and vanilla.
- Strain date mixture and set dates aside. Add the liquid from the date mixture alternately with the flour mixture (about three times) to the ingredients in the bowl; ending with the liquid. Scrape bowl well and beat just til smooth.
- Fold in the dates and toasted walnuts.
- Grease a 9x5-inch loaf pan with butter or baking spray. Cut parchment paper to fit the bottom and sides of the pan and spray the parchment.
- Pour the batter into the greased and parchment paper-lined loaf pan.
- Bake for 55-65 minutes, or until a toothpick inserted near the center comes out clean.
- Cool for 20 minutes before removing from pan; peel off parchment and put on a wire rack to cool completely.
- For the Coffee Glaze:
- Combine the hot water with the dry espresso and stir until blended.
- In a small bowl, whisk together the powdered sugar, melted butter, vanilla, and espresso. If it needs to be thinner, add 1/2 tsp of hot water at a time to get desired consistency.
- Drizzle the Espresso glaze over the cooled bread and scatter the chopped walnuts on top. Let cool until the glaze sets before cutting.
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